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Scott Sadar: Somerset Securities Advisor Faces 6-Figure iCap Complaint
Portland, Oregon financial advisor Scott Sadar (CRD# 4238459) recently received an investor complaint alleging his conduct resulted in damages as high as $500,000. Financial Industry Regulatory Authority records show that he is a broker with Somerset Securities and a former investment advisor with Somerset Wealth Management.
Mr. Sadar’s BrokerCheck report discloses one investor complaint. Filed in September 2023, it alleges that as a representative of Somerset Securities, he recommended an unsuitable investment in an iCap equities private placement. The pending complaint alleges damages between $300,000 and $500,000.
As investors in iCap Equity may be aware, the private placement recently filed for bankruptcy. The company’s former CEO stepped down earlier this year, with the firm Paladin Management Group taking charge of the company’s business decisions. In a letter to investors, Paladin informed investors about its two objectives for the bankruptcy process: “First, to safeguard the Company’s assets while enabling a comprehensive and independent assessment of the Company’s assets and liabilities. Second, to maximize value for all stakeholders, including iCap’s investors, and expedite any potential recoveries to creditors.” Brokers who unsuitably recommended the risky private placement to investors may be liable for damages in the event that their clients suffer losses.
According to the Financial Industry Regulatory Authority, Scott Sadar holds 21 years of securities industry experience. Based in Portland, Oregon, he has been a broker with Somerset Securities since 2014. His past registrations include Raymond James Financial Services (Portland, Oregon; 2009-2012), MetLife Investors Distribution Company (Irvine, California; 2004-2008), and Jackson National Life Distributors (Franklin, Tennessee; 2000-2004). His credentials include the passage of five securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in California, Colorado, Florida, Missouri, Ohio, Oregon, Texas, and Washington. (Information current as of October 22, 2023.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.